Shiba Inu Price Prediction: SHIB Eyes A 200% Breakout

Shiba Inu Price Prediction: SHIB price surged 2.7% in the last 24 hours, potentially as a result of the positive news regarding the SEC dropping investigations into Ethereum. Being ERC20 tokens, Shiba Inu and other meme coins are usually the first to respond to any news affecting their parent blockchain. The price of SHIB traded around $0.00001823 during the American trading session on Wednesday, per CoinGecko.

Shiba Inu Price Prediction: 4X Breakout is Likely

After hitting a high of $0.00004567 in the March mini pump, SHIB’s price retraced and fell 62% to its current price. Bitcoin volatility and general market uncertainty greatly contributed to this fall. However, the Dogecoin killer has formed a falling wedge pattern, which is usually a bullish market structure.

Furthermore, the price of SHIB is currently in a strong support zone that has existed for the last three months. Even though SHIB price action is trending below the 50-day and 200-day simple moving averages (SMA), the asset remains bullish. 

The current zone of support coincides with the 0.718 Fibonacci retracement level, which offers a supplementary support structure. The relative strength index (RSI 14) is at the 32 level, with much upside room to move.

If the SHIB price breaks out of the falling wedge to the upside, it may surge to $0.000057, a 201% increase from the current price. There would be resistance points around $0.000029, $0.000034, and $0.000038. Conversely, the asset may find support around $0.000016 and $0.000011.

SHIB Price Future Outlook

Shiba Inu developers have been working overtime to remain relevant in the crypto space, from launching the Shibarium blockchain and its ecosystem of tokens to making partnerships with real-world companies. On June 13, DevourGO, a web3 food ordering company, announced their acceptance of SHIB. 

Woof! Did someone say "treats"?! Was this the first food delivery order paid for with $SHIB?

DevourGO now accepts $SHIB with our Coinbase Commerce integration. We made the first purchase, who is next?

Visit https://t.co/eG8i0nYHDb to fire up the app & chow down! #ShibainuCoin… pic.twitter.com/SUKvGXwvjm

— Devour (@GoDevour) June 13, 2024

Shibarium network statistics also indicate a flourishing chain, with new smart contract launches hitting an all-time high in June.

In a more recent development, The SandBox, a popular metaverse gaming company, also announced it now holds Shiba Inu, Dogecoin, and other meme coins. 

We're excited to announce that The Sandbox now holds @pepecoins, @Shibtoken, @bonk_inu, @Memeland, @degentokenbase, and @dogecoin! 🌐 We're thrilled to integrate their unique cultures into our platform. #memecoins pic.twitter.com/uWAd1QGEbE

— The Sandbox (@TheSandboxGame) June 18, 2024

Such adoption is what gives Shiba Inu its edge and allows it to remain one of the largest meme coins in the crypto industry. Additionally, the recent closure of the investigation into Ethereum by the SEC has sparked new hope for SHIB investors as it fuels speculation of a possible ETH ETF approval by the end of June or possibly early July.

Bottom Line

Shiba Inu developers have been working behind the scenes to improve the relevance of the project beyond just being a meme coin. As the Ethereum landscape prepares to receive volatility from an approved ETF, SHIB price may rally to new all-time highs. The token burn program is another bullish indicator likely to bolster a Shiba Inu rally to $1. While reaching its level might not be possible in 2024, as a meme coin and a fast-growing blockchain, SHIB has the ability to cross the target over the next few years.